Healthcare Earnings Beat the AI Sell-Off: Regeneron Surges 13% as AbbVie Raises Its Forecast

While technology stocks sold off on October 30, 2026, healthcare earnings told a very different story. Regeneron surged 13.33% to $927.89 after a third-quarter report that beat expectations by a wide margin, and AbbVie raised its full-year profit forecast after topping estimates, with its shares closing up 1.41% at $294.89, a record. Colgate-Palmolive also rose 2.29% to $95.29 after raising its outlook. On a day the Nasdaq Composite fell 2.86% to 25,437.00, the S&P 500 dropped 1.82% to 7,580.07 and the Dow fell 1.09% to 51,770.31, the healthcare results were a reminder that earnings season is not one story — it is many, and the market was rewarding the ones where cash flow, not just spending, showed up.

Regeneron: a beat with a clear driver

Regeneron reported third-quarter revenue of $5.12 billion, up 36% from a year earlier and above the $4.56 billion analysts expected. Adjusted earnings rose 70% to $20.07 a share, against about $16.24 expected on LSEG data; GAAP diluted earnings per share were $18.45. The drivers were identifiable, not vague. Global sales of Dupixent, booked by partner Sanofi, rose 35% to $6.5 billion; Sanofi collaboration revenue rose 68% to $2.72 billion; and US sales of Eylea HD rose 62% to $699 million. That last detail matters for how to read the report: the $6.5 billion Dupixent figure is Sanofi's global sales number, not an extra amount to add to Regeneron's $5.116 billion consolidated revenue. Done right, the picture is still strong — a collaboration-heavy quarter in which the partner drug, the collaboration revenue and the eye-disease franchise all moved the same way. Looking ahead, Regeneron expects an FDA decision on cemdisiran in generalised myasthenia gravis in November 2026, with February 2027 flagged as the target action window for a further item in its pipeline update.

AbbVie: steady, and raising the bar

AbbVie was steadier but just as clean. Third-quarter global revenue reached $17.404 billion, up 10.3% as reported and 10.5% operationally, ahead of the $17.31 billion expected. Adjusted earnings of $3.82 a share beat the $3.75 expected and came in $0.07 above the company's own guidance midpoint, despite an $0.11 unfavourable impact from acquired in-process research and development expense. Skyrizi generated $5.776 billion, up 22.7% from a year earlier and just ahead of the $5.75 billion Wall Street expected; Rinvoq generated $2.706 billion, in line with expectations; Humira fell to $683 million, continuing its long fade as a former marquee drug. The neuroscience portfolio contributed too, with revenue climbing 19% to $3.39 billion, helped by Botox Therapeutic and Vraylar. The company raised full-year adjusted earnings guidance to $13.95–$13.99 per share, from $13.76–$13.96, a forecast that includes a $0.69 hit from acquired in-process R&D and milestone expenses booked year-to-date. Cash at the end of September stood at $10.8 billion, with about $14 billion of free cash flow generated in the first nine months of the year. Shares have risen about 27% this year to record highs, as investors bet that Skyrizi, Rinvoq and the pipeline can keep offsetting Humira's decline.

What the contrast with tech actually shows

Set the healthcare prints against the day's technology prints and the market's logic sharpens. Amazon reported third-quarter revenue of $201.9 billion and earnings of $1.89 a share, both below estimates, with a $220 billion 2026 capital-expenditure forecast and negative trailing free cash flow of $42.4 billion. Intel beat on the quarter — non-GAAP earnings of 52 cents against a 40-cent estimate — yet plunged about 29% on Friday after guiding fourth-quarter revenue to $15–$16 billion and earnings to about 25 cents, below estimates. Alphabet had already recorded its worst day ever on Thursday. In each tech case, the market punished spending, guidance or both. In healthcare's case, it rewarded the opposite: products already selling, guidance already raised, cash already generated. That is not a verdict that healthcare is “better” than technology; it is a verdict on what this earnings season is pricing — proven cash conversion over promised future returns.

For investors reading earnings reports, the two healthcare prints are a useful template. Check revenue against the estimate and against last year, not just one of them. Check whether the beat came from the core product or from a one-off. Check guidance: AbbVie raised its range, which is a stronger signal than a beat alone. And check the balance sheet line that tech's week made famous — free cash flow. AbbVie's $14 billion in nine months is the kind of number that lets a company raise guidance without asking the market to take the spending on faith.

FAQ

How much did Regeneron beat by? Revenue of $5.12 billion, up 36%, beat the $4.56 billion expected; adjusted earnings of $20.07 a share beat about $16.24 expected. Shares surged 13.33% to $927.89.

What drove Regeneron's quarter? Dupixent global sales up 35% to $6.5 billion (booked by Sanofi), Sanofi collaboration revenue up 68% to $2.72 billion, and US Eylea HD sales up 62% to $699 million.

What did AbbVie report? Revenue of $17.404 billion, up 10.3%, ahead of $17.31 billion expected; adjusted earnings of $3.82 a share beat $3.75 expected. Skyrizi made $5.776 billion and Rinvoq $2.706 billion.

Did AbbVie raise guidance? Yes — full-year adjusted earnings guidance rose to $13.95–$13.99 per share from $13.76–$13.96.

Why did healthcare rise while tech fell on October 30? Healthcare's beats came with raised guidance and strong cash generation, while tech's reports raised questions about AI spending and future guidance — and the market rewarded the former on the day.

Read more market coverage at https://zimbuck.com/pages/zimbucknews and join the discussion at https://zimbuck.com/groups/zimbuckmarketnews — and see our earlier earnings coverage at https://zimbuck.com/blogs/543/Leveraged-XRP-Bitcoin-Ether-and-Solana-ETFs-Delayed-to-November . This article is market news and general information only, not financial advice.